Robert Walters PLC Trading Statement (3286K)
10 April 2018 - 4:00PM
UK Regulatory
TIDMRWA
RNS Number : 3286K
Robert Walters PLC
10 April 2018
10 April 2018
ROBERT WALTERS PLC
(the 'Company' or the 'Group')
Trading update for the first quarter ended 31 March 2018
NET FEE INCOME UP 17%
Financial and operational highlights
Gross profit (Net Q1 2018 Q1 2017 % change % change
fee income) (constant
currency*)
--------------------- ---------- ---------- --------- ------------
Group GBP88.5m GBP78.3m 13% 17%
--------------------- ---------- ---------- --------- ------------
Asia Pacific GBP32.6m GBP31.7m 3% 11%
--------------------- ---------- ---------- --------- ------------
UK GBP25.2m GBP23.9m 6% 6%
--------------------- ---------- ---------- --------- ------------
Europe GBP24.2m GBP18.0m 35% 32%
--------------------- ---------- ---------- --------- ------------
Other International GBP6.5m GBP4.7m 37% 54%
--------------------- ---------- ---------- --------- ------------
* Constant currency is calculated by applying prior period
average exchange rates to local currency results for the current
and prior years.
-- Strong start to the year with Group net fee income up 17%
(13% actual).
-- All regions grew net fee income year-on-year.
-- Asia Pacific net fee income up 11% (3% actual).
o In Asia, Japan, Indonesia, Taiwan, Thailand and the
Philippines delivered the strongest rates of net fee income growth.
Market conditions in Singapore remained challenging.
o Good performance in Australia and continued strong
double-digit growth in New Zealand.
o Resource Solutions continued to expand its client base across
the region.
-- UK net fee income up 6%.
o Activity levels highest in the UK regions with Manchester,
Milton Keynes and St. Albans the standout performers. New office
opened in Leeds to capitalise on regional growth opportunities.
o In London, legal and commerce finance recruitment proved
hotspots for growth.
o Resource Solutions continued to grow net fee income.
-- Europe net fee income up 32% (35% actual).
o Excellent performance continued across the region.
o Germany, Spain and the Netherlands produced the strongest
rates of growth, all increasing net fee income in excess of
35%.
-- Other International (Brazil, Canada, South Africa, the Middle
East and the USA) net fee income up 54% (37% actual).
o Strong start to the year across North America. Solid growth in
Brazil and South Africa.
-- Group headcount of 3,894 (31 December 2017: 3,793).
-- Strong balance sheet with net cash of GBP34.0m as at 31 March
2018 (31 March 2017: GBP13.3m).
Robert Walters, Chief Executive, commented:
"The Group delivered a strong performance in the first quarter
with net fee income increasing 17% year-on-year and growing across
all regions. Current trading is in line with market
expectations."
The Group will publish a trading update for the three months
ending 30 June 2018 on 10 July 2018.
- Ends -
Further information
Robert Walters plc
Robert Walters, Chief
Executive
Alan Bannatyne, Chief
Financial Officer +44 20 7379 3333
Newgate Communications
Steffan Williams
Charlotte Coulson +44 20 7680 6550
About Robert Walters
Robert Walters is a market-leading international specialist
professional recruitment group with over 3,800 staff spanning 28
countries. We specialise in the placement of the highest calibre
professionals across the disciplines of accountancy and finance,
banking, engineering, HR, IT, legal, sales, marketing, secretarial
and support and supply chain and procurement. Our client base
ranges from the world's leading blue-chip corporates and financial
services organisations through to SMEs and start-ups. The Group's
outsourcing division, Resource Solutions is a market leader in
recruitment process outsourcing and managed services.
www.robertwalters.com
Forward looking statements
This announcement contains certain forward-looking statements.
These statements are made by the directors in good faith based on
the information available to them at the time of their approval of
this announcement and such statements should be treated with
caution due to the inherent uncertainties, including both economic
and business risk factors, underlying any such forward-looking
information.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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